1 September 2014

Nigeria: Labour Congress Wants Govt to Increase Pensions to 33.3 Percent

Lagos — The Nigeria Labour Congress(NLC) has implored the federal government to implement the 33.3 percent increase in pension for ex-workers.

President of the Congress, Comrade Abdul Waheed Omar, who made the plea weekend at the opening ceremony of the 2014 Rain School organized by the NLC in Uyo, Akwa Ibom, said the development was necessary to allow the former workers benefit from the new pension bill that was signed into law recently by President Goodluck Jonathan.

Commending President Goodluck for signing the pension bill into law, Omar said the coming of the law is also a warning to fraudsters who may tamper with pension fund as it has provision to punish such thieves.

He said, "Congress commends the federal government for the enactment of the Pension Act 2014 which is meant to strengthen the efficiency of pension administration in the country. The Pension Reform Act of 2014 was enacted to address the inefficiency of the Pension Reform Act 2014."

Omar added that, "Congress noticed with some satisfaction pension administration since the enactment of the Pension Reform Act, 2004, even though, there are some deficiencies like non-implementation of the 33.3percent increase in pension payment approved by stakeholders."

He also explained that the government can tackle insecurity and unemployment by providing the enabling social conditions that would alleviate poverty and create employment opportunities that would narrow the inequality gap between the rich and the poor.

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